1958-05-30 — Page 9

THE CHINA MAIL. FRIDAY, MAY 30, 1958.

HK MARKET GETS A BOOST

HONGKONG Stocks Advance

STOCK EXCHANGE

Our Own Correspondent

Businere done on the Hong-

kenn

Stock

Exchange Lista

On Broad Front

By A SPECIAL CORRESPONDENT

Provident UK Hotels

HK Lands

Up or

Down

The Share .

Market

At A Glance ★

May 1

11K Bank

780

Lombard

3240

MAY *** 27754 son

May 13

770

'Rob

70334

28x6

May 19 7021 Sia

alondy

+$1

Union

730

Wheelock

0.10

723&xde

6.10

71

70

70

steady

4.10

0.10

0.10

atcudy

11K Wharf

11

102

102b

10zł

101b

-31

ONE LOSS FOR

WEEK

IIK Docks

43

4019

12

10b

416

+500

11.00

11.50b

11.50b

11.40

11.50

+100

18.00

18.00

18.90

18.70

19.40

+700

324

3241

324

3234

3234

+-250

1.50

1.55

1.58b

1.52b

1.55b

+30

24.60

24.70

24.70

24.70

28.10

+400

112

110b

11lb

111b

1130

+33

D6

D8%

FIR

Fab

+1.50

18

174x4

17.50%

17.30

17.50

+20c

20.00

26.00

26.80

20.00

27.10

+500

20.40

20.40

20.40.

24.10

20.30

+-200

22

22.80b

22

21.70

12.10

+++400

16.10

10.40

14.30

10.10

26.60

+500

A. 8. Watson

10.80

10.70

10.60

10.80m

10,00

+100

Yangiac

5.05

5.40

5.38b

KAM

5.400

steady

Alled

4.403

4.40

4.20

4.30m

4.40

+100

10.100

10.20

10.200

10.201

10.201

4.500

4.825

4.55

4.55#

8.55b

8.50b

8.45

4.376 8.50

norning amounted to soproxi- The lowering of interest rates in Hongkong

mately $203,000,

For quo{q-

tions in the morning's trans-

Provident.

HK Hoiel 1831 19.10 2009

boosted the Hongkong Stock Exchange somewhat last Friday, but the advance was chocked oarly and the market settled down to an even level and closed steady yesterday.

on their

The. initial boost was! $22.10 after going up to $22.20 41 enough to send stocks rising during the week.

Dalry Farms, which are yield- on a brond front and 10

ing over 10 per cent bring out the bulls, who had present price, were in good de- been holding back last week mand this week and twy rose due to the political situation to $10.00, a gain of 30 cents on

the week. in France and the Middle Enst.

$13401

attions weret

Kiinger

Buyers Selleri

Baira

BANKS

aik Bank.

703 50 f

704

Sant Ama

INSURANCES

Vision....

PAL

FD

NEI-PING

Wheelock

600

71

0.10

6.10

11.10

DOCKS, ETC.

Luck

*150

135

500 fr

BEA

1150 130

LAND, ETC.

NK Land.

32.50

2:

15 10 15.40

1375 1.40

A Texal

1 '1 175

UTILITIES Tra:...

Bar Ferry

2510 05.20

110

200

17.40 17.50

174 W 10

300 20

Hum

Arnalų.

*Trust

INDUSTRIALS

Coment

21923.30

Liitu an ra

10011.16

Yount!

LARA

(8))

Eletrie .. 21.10 21.30

Telephone 2630 29.40

STORS, ETXI

Watson

KWANK

CUTIONS

Txille

Abled...

Int

SH.

INVESTMENTS

A GAD U10

4.40

7:00 1

When business resursed after to the Whitsun holidays, the market 23.10 lost a little of is upward

17.40

7 40

The reaction to the declaration was of the cotton dividends

Textiles. which dy- puzzling. clared: Anol of 60 cents---10

more than last year' only gained 21⁄2 cents on the

cents

momentum and Wednesday week to close at $4.575. Nanyangs

it turned duti and featureless incked on five crnis for the

as the bulls retired from the week to close al $8.00 after an- ring and adopted a "wait and

nouncing Anal of 60 cents,

34 see what happens next” attitude, which with their interim of 50

Yesterday the market

WIN

rents, is a 10 cent increase over

little more active and prices | lust year's dividend, generally were well maintained, Tally for the week won 10

con un to so although some silpped fraction-higher, five unchanged and one

ally at the cluse,

2010 14

40 F

ΣΤ

450 1000, de 425

Singapore

Stocks

Singapore, May 31 Drukers today qualed the ful- lowing stock pricest

Datu Lintang tubber Co.

Lid British Border Prtraleusa

Tin Smelters

Opend $1.5712

Fraser & Neave Litt Ord... an

Expected

13

lowered compared with two higher,, nine unchanged and lower last week. Turnover was

The reduction the local inter- up to $3.18 million compared

est rates, which followed the lowering for the London Fate from six per cent 1 Ave and a half, had been expected here for some time and the local cut in the overdraft rate of half per cent nany he just the inventive l make more people buy on the market.

thus bal?

On the other hand per cent riduellon may seen to same as only a "technical* move and may not make er dit very much easier. It has been reported that some banks have a lot of quid cash on hand but they have been reluctant to grant overdrufts to customers.

Many think that there la silli Bi "eredit loosening of squeen" in Hongkong

Some even feel that Government has naked for a tight rein on credit to be maintained and if this is ro, the fulf per cent reduction In the Bank Rate will not make nach difference fo the Stock Market

Syndicate

Consellenfel

ON

110

Frner & Neavo cum.

pief

Gammons (Malaya Lid.

Hongkong &

Shanghai

Banking Coti.

$4.05 $1.07/20

$410

Hongkong Tin Lid,

Kumipas Ltd

Kun Kampor Ti

4K Dd 51.45 1 24% d

Lunas Rubber Estates

0.

$1.03

huluyan reweries

$3.10 4

Now Serandah Rubber Co.

Paling Tin t

Rafes Hotel

Kingapore Cold Storage.

Stall Trading

$147 $1.07 32.57

20.72%

Sails Steamship:

Ward:

30.71

$300 13:

United Engarus Ord.....

23

ht

esdiv.China Mall Specht.

Exchange Rates

BUNIERES Was done in the legal Mela

Market

set tap Kitlowing rates

U. dolier IDET 311

Sterling nude, Car

Aureliant Botes per Ch...

in merian salah per 100)

Siri Uent per

pore (Sti alter

thi

5.70 1600 12.42

Banks and Unions remained more or less steady during the week as did Wheelockn.

The only stock to go duwa on the week wite Wharves, which #ropped $1 with a quote of $101 Buyers yesterday,

active

with $2.03 million last week.

Subdued

Here Is an Ice House Street

ot account

The observer's market:

Somewhat quiet conditions prevalled on the Stock Market which during the past week was curtalled by the Whitsun hoildays,

probably

1K Really

IIK Trame Star Ferry Yaumatla Ch. L-t Electrics

1K Telephone G. I. Cement Dairy Farm

IIK & FE Inv Textile Corp Nanyang

Wall

8.45n

Street

steady +2 +50

Shares

Rise To 1958 Highs

New York, May 29.

Stock touched new 1958 highs in the general average today.

Diamond Alkoli

Douglas Aircraft

Dupont de Nemours

Enatman Hodak

Paso National Gas

Eers Airline

Trading picked up in the late dealings. The rise Cuban Amet. Sugar was a steady one mostly on small amounts with Diamond Match Co. a few good gainers thrown in. It reflected a Dow Chemicals..... long list of favourable items that have been building up recently in the news, and ignored what some describe as a precarious foreign situation.

The strong spils made up anal ist Du Pont in the The market has

Republica Aviation been subdued by the overall chemicals;

and Curtiss-Wright in the 11- international situation, in par- ticular France and the Middle emfts; Shell in the olla; inter- national Nickel in the metals; East, and the encouragement evidenced on news of the re- Goodyear and Goolrich in the duction in the Bank Rate tyres, Fird in the motors: Gen- seems to have disappeared for gal American Transportation Ju the rall equipments; Zenith the time being.

Buyers have adopted a cau- in the televbions:

tolome Products tious titude, preferring await the outcome of events and Commonweal! In the troubled areas before the ulties. extending their commitments

further.

throughout

J

65 stacks 4 bords

Comm. future price index

Closing Prices

Alden lue, Aey. Allied Cheminis

Allied MS Inc.

Chainers

Am. Brake Shoe American Airline

American American Cable & Radio Carp.

American Cyanamid C in the drugs; Amer, & Forgon, Power Edison in Am, Gas & Electric

Firmed

The utility average Armed

However, the undertone has remained

quite

steady

by to a new high since 1930, raits reflected 33 prices which, moslly, show all but set a new high for the little change from those ruling year and industrials

under At the clos of the previous point week.

Market Diary

1950.

Or 1,154 issues traded, 501 advanced, 300 declined and 263

New unchanged,

Highs were hit by 11 stocks and new lows by 3.

Here is a market diary of the held week:

Ari, Home Prod... Am. Mach. & Fary American Metul

American Smelling

American Tub. "B

Family Finance Corp.

Fond Motor

tone Tyle & Rubber

General Electric

General Fostis

General Motor

160.63

Gen. Pub. Uut,

DA. Gen. Tyre & Rubber 150.50 etly l

1015

70

23

10

131

Glidden Co.

Goodrich (F.) Co..

Goodyear Tyre

Grumman Aircraft

Gulf Oil

Heyden Newport Corp.

Homestako Mining Co. Ingersoll-Ra

Mand Steel Co.

Inletsenical Corp.

Inkt Businew Macfilner Int'l Harvestat....

International Nickel

International Paper

Int'l Tel & Tel....

034 Jahn-Monylile Co.

14

45% Lan Blar Cement Co.

Lowenstein & Sons.

McDonnell Aircraft

Stock Exge.)

111 | Nembl Iron Carp,

Minnesota Missing

2014 Mission Development

Monsanto Chemical Co. Montgomery Ward

Motorola Inc.

(Am.

STEADIER MARKET IN LONDON

London, May 29. A steadier and more sotiled

feeling prevailed on the stock exchange today al- though business remain-

ed unusually quiet. Chit-edgeds WTO

痛

fraction harder with undated, stocks 1/0 to 2/6 to the fool. Foreign bonds were dull except two Japanese issues thu non-nisented 1924 five per rents and 1030 5 1/2 per cents which hardened half a point to 1024 and 300% respeclive- by.

PREDOMINATED

in

Small losses predominated,

dollar stocks In sympathy with Wall Street. Olle closed mosliy 1

little higher with Trinidad issues providing the Lest features,

Pare B

Position Of Unemployment

In America

Washington, May 20. Government officlubs today foresaw no big decline in unemployment until the Autumn on the baula of a gloomy Labour Depart- ment report that 88 major industrial centres were areas of "substantial" un- employment,

This was an increase of 10 since March and compared with 21 areas tagged with the surplus The labour label a year ago. distressed areas composed near- ly 80 per cent of the major areas surveyed every two months.

THE RECESSION The report was made by thứ Department's Bureau of Em- ployment Security after a BUT- vay of 149 factory centres across the US. It indicated that the recession has hit hardest at Mid- west, Eastern Seaboard and New England States.

.Industrial areas are placed in the "substantiul unemploymen!" No general trend developed in category when rix to nine per the industrial market but cent of the total work force is number of kaues responded to unemployed-U.IP, L

kelective buying. In the Blue

Chip section Ford was up

7 1/2 and Unilever 6d. Store Some of shares were firm.

the engineering shares were easier in places,

Gold shares turned dull on local selling but losses were small, -U. P. 1.

Bank Loan

Washington, May 29.

Cotton Export Subsidy

Washington, May 29,

to

The Department of Agricul- fure announced a staring cot- ton export subsidy of six and hell cents pound for Abre ex- August 1, but ported after that this rate is subject The United States today lent change without notice, Burma $10 million to help the Under the new export pro- Government strengthen its inter-gramme, the subsidy will be paid

in kind instead of in cash.

Payments will make up the The 40-year-loan, which available in either. Burmese or difference between the higher by price paid American currency, was signed | United States by U Win, the Ambassador, id exporters for cotton to be ship- Mr Samuel C. Waugh, President ped overseas and the lower the United States Export- world price for which the bre Import Bank.-Reuter.

24%

nal security forces.

331

32%

1293

of

321

2003

す

14

is sold abroad.-Reuter,

P.OBIE.A

COMPANIES

Larvae London

Salled 20/4

Saded 18/0

Duo Hongkong

And June

4th June

PASSENGER/FREIGHT SERVICE

PENINSULAR & ORIENTAL S.N. CO.

Outwardz "CORFU".

"BALMARA” "SINGAPORE” "CARTHAGE"

*SOUDAN". "CANTON"

Bailed 5/5 tish May

Tih June

RAIN June 10th June

Leasen Hongkong

4th June 14th June

34

2214

Kansas C. Power" &"Light".

Kennecott Copper

|

Am. Nogar_Ref. Bene

2012

Liggett Moyers Tob. Co.

American Tek A Tel

1781

Lockheed Aircraft

81.

Loews Incorp.

Anaconda Copper

Arinco Steel Armour

were

their best

for

Atian Cena, Mining Baldwin-Lima-lam

Paliheore & OMIO

zu

Beneficial Finance

Bendix Aylation Corp. Benguel Cone. Bethlehem Stei

if

43

Boeing Airplane

4311 Naonal Biscuit Co.

· THYRER"

Borden They Co,

Go!

Iurroughs Add Machine

24

Campbell Soup Co.

4132

National Cash Hog. "A" National Dairy Prod. National Lead

Canadian Pao

Co (J.) Co.

How

Cal Tractor

601

Celmere Corp.

Tuesday:

Started slowly but

New York

aThursday:

Prices generally weli

gathered mumen- bond volume was

Stock American fum. T/O: $913,000.

conditions. volume was 780,000 shares. Wednesday: Dull

TVO: $375,000:

Stock Exchange

$5,800,000.

CIT. Financial Crap.

0319

National Steel Corp.

Yark Contiral Olin Mathiason Oils Elevators

Homewards "CORFU" "BUNDA" *

"CARTHAGE"

Chase Manhatten Bank Chrysler Motors ExchangeCluett Peabody

Fu

Owen-linols Glass

Oxford Paper Co.

-40%

Pacific Cins & Elec.

Colgate-Palmolive Co. Colomblanc Commercial

G0A%

Pan American Airways

Co.

Paramount Pictures

Parke Davis Co.

Dow-Jones closing averages were:

30 Industriale

481.70

20 rails...

13 utilien

210.00 8.10

Commonwealth Elec. Canmlldated Edison Lontinental Oil of Del, Crown Zelterkartı

Penny J. C. Co.

15

Hotels were quite during the week and they rose from $18.70 to $19.50 yesterday Friday: before dropping 10 cents at the 70 cents on the close, a guin wouis.

Recouping

Blue Chips all fad good gains on the week, in the majority of last week's cases recouping

some- tacking on losses and ng thing extra. Trama reached 29.40 high of $28.10 this week-their

100

highest since 1850.

Agreed Merchant Rates

This is a gain of 40 cents on the week.

Cemeals, which seem to or* stock on the the must ackle

Canadian S Maximum Selling | markt. tacked on 40-cent 16-11/18: Minimum Buying 16 gain for, the week 35/16 TF 17 0/D.

ufter Just week's 30-ceat loss. It closed at

"MORE SECURITY"

Writing of opportunities for

investors, Edward Westropp,

City Editor of the

"Sunday Express", sald

on 4th. August, 1957

"Be discriminating here.

6%

Per-

sonally I like.a little less interest and a lot more security than some of the tiddlers offer.

STABILITY Interest Assured

SECURITY · Bank's Capital and Heserves

SAFETY

SAVING

SERVICE

No Risk of Depreciation No Charges or Fem Convenient Withdrawala

Income.tez,

GROUP ASSETS EXCEED £25,000,000 Interest post without deduction of United Kingdom Send today for “Bank Deposit Account" Booklet No, AO.74 from General Manager

LOMBARD BANKING-

Head

LIMITAD

DANKERS

LONDON, W., dao 41 (30) LOMBARD HOUSE, CURZON STREKT, PARK

UNION BUSHDEN KINGAPORE, P.6, Box 2286, Təiş 21IT LOMBARD BANKING (PA BAR) LIB,

Arpelats

A WorldWide Banking and Financa Orgmisetiam

Bank tion

Rale reduc- pushes prices

New York Stock Exchange up on bread front. volume was 2,330,000 shares. T/O: $1,103,000.

maintained.

T/O: $741,000.

COMMODITY

FOREIGN EXCHANGE

NEW YORK

Closing rates were:

England official

Australia

New Zealand

Bouth Africa

Canadian dollar rates: Spot close

High

Low

Futures

36-day DO-day

6-month

.....

2.2546

4.01-11/13

9.80-17/11 1.33

1.03-23/32-1.637. 1.03-23/32+1.00% 1.03-11/16-1.30-21/32:

1,03-21/32-1.073-48/04 1,03-17/32-1.03-10/az 1.83-0/12-1.07-11/27

LONDON

Closing rater were;,

New York ....

Montreal

Amsterdam

Brussels Frankfurt

f'erta

Stockholm

Vienna Zurich

Contract No. 4 (world)

July: 3.41; Sept: 3.48-49; Det:] 3.49; Mar: 3.42: May: 1.42: July: 34: Spot-(cents per lb. fob Cuba):{ 3.52

Open interest: 7,706 contracts.

Contract No. 6 (domestio) July: 3.76; Sept: 5.77: Nov: 5.18: Mar: 8.50: Spot-teents per lb. eit NY ex-duty): 5.75.

Open interest: U.P.I.

3.301 contracts.

COTTON

NEW YORK

Prices of cotton futures closed loday as follows:

Spot: 30.30 nom; July 36.29; Det: 50.00; Doc: 30.79-50: Mar: 30.07; May: 30.03: July: 96.33-27: Oct: 34.59.

NEW ORLEANS

****, 201-9/16-2B116

2.7136-27136

Prices of cotton futures closed 30.5045-10:30 139.494-139.471k today as follows: 31.709-11.71

Spot: 3110, July 3625; Out: 300; 174392-874014

Dec: 48.78: Star: 38.00; May: 300; 1870-117095 July) 30.29; Chet: 34.00.

€146.473=1447E

72.49-12.51

11.:k-1123*T

Other unchanged.-U.P.I.

SUGAR

LIVERPOOL

PRICES

RUBBER

NEW YORK

TE*%

1ל1

5012

Penn. Salt Co.

Philip Morris ........

491 Procter & Gamble Co.

Tox rubber futures closed to day 23 to 45 points higher with Males of 71 contracts. Closing

prices:

July

Bett

Nov.

305.

Mar

May

AMSTERDAM

The rubber market steady.

Pittsburgh Plate Ginsa Publicker. Industries Pure OASIS Medio Corporalları Radio Corp. Pref.

Republic Strel

Reynolds Metal

Sears, Roebuck & Co. Aholl Olt Co.

Salt Re Paper Sinclair Ol

Bocony Mobiloll

Solar Alretat!

South Puerto Rico Sugar Southern Co. (The)

Southom National Gas Southern Railway (Com.)"")

Standard Brands

| Blandard Oil of Cal

Standard Oil of Ind.

Standard Oil of NJ,

Sleep Rock (Torontu Eego)

sterling Drug Co.

tokely-Van Camp

Studebaker-Packord Corp.

Sunshine Mining

Awift & Co.

Texas Co.

4th July

17th June

10th Juns

19th July 28th July

6th August

Due London

8th July

Bird July

4th Augu

14th August

Irt August

"SINGAPORE" #j0th July

"CANTON"

"SOUDAN" *

18th August

1st September -

25th September

Via S'pore, Penang, Colombo, Bombay, Ades a Pt. Bald,

"BUNDA”, “SINGAPORE" and "BDUDAN" exïi S*pi!#, PL. B'wet, Pizzor. Aden, Pt. Bald. Havre, Londo, Hamborg, Rotterdam & Antwerp,

BRITISH INDIA S.N, CO., LTD.

"SANTHIA" due 16th June

sails 2111) June

"FULTALA” aut 29th June salis 27th June

"SANGOLA" do® 4th July

all 5th July

from Calcutta, Rangoon, Penang Singapore for Japan

Penang.

from Japan for Singapore, Hangoon, Calcutta Chittagong

from Calcuita, Mangoɔm, Penang & Singaporë for Japan

P. & O./B. 1. JOINT SERVICE

"ISMAILA"

20.00

26.43

Textron Ince. ....

36.20

Tide Water Asen. Oll

26.03

The Inc,.........

20.12

Twentieth Century Fox Fin

"IKAUNA"

50.15

Union Carbide

20.10

Union Oil of Cal....

Union Poole Railway

United Arafy ........

Was

R. Fod

United Gas Com.

n

June

Prices closed today in guilders per kilogram, cit ng follows:

No. 1 rubber No. 2 rubber

No. 3 rubber 270, 1 crepo

8. Gypsum

UB. Line Co.

U.S. Rubber

2.11 nom U., Smelting 2.13 Hot... 200 nom. Warner Bros. 233 tami Woetielshouse Electric

Western Bokon Tel. Co. West Va. Pulp & Paper Woolworth

BINGAPORE The market opened slightly higher or better overseus advices and steadied further on covering and reserve of sellers. Futuret: No. 1 rubber per ib. June 2016-2018 73-6-7474 July

#

Cotion future closings, in No. a rubber per 1b. Jume 721-729

No. J No. pence per lb. were as follows!

American Contract: "July/Aug: Spot rubber unbaled 225.33; Oct/Nov: 20.95; Dec/Jan: Bianket repe

26.65; Stay/JuAR: No. 1. palo crepe

18.33: Mar/AẞT!

20.TD.

20.37

Mined Contract: July/Aug: 20.101 Oct/Nov: 24.03; Dec/Jan Mur/Apr: 27.27: May/June: 27.47.

in

SAO PAULO Cotton future closings New York, May 29. World No. 4 sugar futures cruzeiros per kilo were ab 101- closed unchanged to four points lows;

July: 41.30 Othere unqualed, lower with sales of 604 con-

In the United States, the tracts.

average price of eae-inch cotton Domnestie No. 6 super futures at 14 designated spot markets closed unchanged to three was 34.77 cenie. points tower with sales, of 55 Total sales at these markets

were 27,047 bales.-U.P.I. contracts.

LONDON

21

671-6316 761-70-1

20-03

Unemployment Benefits

Washington, May 29.

The rubber market wes firmer with spot quoted at 22 11/10 The United Sistes Senate com- pleled Congressional approval of pence per lb. Prices: No. 1 se ot... £2%+2% a bill authorialog the Federal Settlement house teens

23-22 Government to advance money SJuly Auf

to the states für a temporety Bept.

224-251 | extension of state unemployment

benefits. July/Dept. Det/Dec. Jar/Mar. _April/1vnum

22-2

20-24

✓

The anti-rocession

Inosauro

now goes to President Eisen- Genere martoria, oir benda portes

(208) July and

1955-hower for his expected signature, 12 has bawi requested by the Retaie crepe shiri

| President Chira Mall Special.

P. L

“TAUBA"

due 30th May satis ist May

Aod gth June kalls, Otis June

from Japan

for Bingapore, Karscht, Kowall, arab, Khor- ramshahr de Dubal

trom Bombay, Cochin, Tuticorin &, Singapore for Japan

due 1 June from Bhangar, Bom

bay, Coach, Fenang de Singapore

■xis 20th June

for Japan

EASTERN & AUSTRALIAN S.S. CO., LTD.

"NELLORE” due Toh June

"NANKIN"

salis 12th June

dus 20th June

22ed June

from N. China Var Labuan, Bandaken, Brisbane. Bydory, Mil- bourne & Adelaide

from Austraila for Jupan

All vermis bawa Uberty to call at may porta na

ez of the mule a the route a sailings are subject to change or amendment with or without noites.

For full particulars upply to

MACKINNON, MACKENZIE & CO.

OF HONG KONG ITD. Telephone Nos: 27721 4.

..